Quote:
Originally Posted by stanlite
A good option that might be possible in a few years with help from technology is getting rid of income tax and moving to a wealth tax. Where you are taxed on your total wealth each year rather than earned wealth each year. This avoids tax loopholes like being paid in shares or cars ... ect.
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We already have wealth taxes.
All real estate is subject to council rates based on land value - that's a wealth tax.
Real estate outside the family home is subject to another wealth tax, called land tax.
And capital gains tax, is a wealth tax on the growth in wealth in all asset classes excluding the family home (family home is excluded for obvious reasons - if the price went up and you had to move somewhere else, you'd never be able to afford the same priced property).
Regards,
Renato